WELLESLEY, Mass., Dec. 13, 2017 (GLOBE NEWSWIRE) -- The continuous glucose monitoring market, first introduced in 1999, is seeing strong growth as diabetics, physicians, hospitals and clinics see the benefits these devices can lend to the management of glucose levels, according to a report by BCC Research. The market now includes blood glucose monitors, diabetes test strips, insulin durable and patch pumps, glucose sensors, and transmitters and receivers.
The global market for continuous glucose monitoring equipment is expected to top $20.6 billion by 2022, according to the report Continuous Glucose Monitoring (CGM): Technologies and Global Markets, and enjoy a compound annual growth rate (CAGR) of 10.1%.
Research Highlights
- Growth in the continuous glucose monitoring market is driven in part by the global increase in obesity and the accompanying increase in Type 2 diabetes. Expansion will be notable in Russia, China and India, where blood glucose testing is currently significantly underutilized.
- Insulin patch pumps are expected to see particularly robust growth. Found primarily in the United States, Europe and Japan due to their costs, the market is forecast to surge from $760 million in 2016 to $4.8 billion by 2022 with a CAGR of 33.5%.
- Transmitters and receivers will also see robust growth, reaching $825.8 million in 2022 at a CAGR of 25.8% from 2016 to 2022.
- Growth in glucose sensors would likely be even greater if users replaced the units as recommended by the manufacturers. Instead, users tend to replace sensors only when they are ready to fall off.
“The market for continuous glucose monitoring (CGM) products—defined as transmitters, receivers and glucose sensors—used with these systems is growing at a strong rate as diabetics, physicians, hospitals and clinics come to realize that the use of CGMs provides significant assistance in the management of blood glucose levels, and as insurance plans move to reimburse for use of these devices,” said BCC Research analyst and report author Valerie Kellogg. “The market is strong and growing in double digits.”
Companies mentioned in this report include Abbott Labs, Apple, Ascensia Diabetes Care Holdings, Cellnovo Group, Debiotech, Echo Therapeutics, Glooko, Insulet, Johnson & Johnson, Labstyle Innovations, Medella Health, Medtronic, Nemaura Medical, Novo Nordisk, Onduo, Pharma Tech Solutions, Roche, Sanofi, Tandem Diabetes Care, Unilife and Ypsomed, among others.
Noninvasive Blood Glucose Monitoring: Will the Dream Become a Reality?
Several companies are continuing work toward a noninvasive method of monitoring a person’s blood glucose levels, as the fear of pain, the unattractiveness of sticking your own finger, potentially dirty hands and the social stigma of conducting finger sticks in public all reduce testing compliance and glycemic control. There are a number of hurdles to overcome before such a product is ready for the market, however, including accuracy issues, calibration and potential lag time between a glycemic event and detection by the noninvasive monitor. Further, when such a product is developed, the manufacturer will have to overcome skeptics. Companies working on noninvasive blood glucose monitors include Abbott, Cynoga Medical, Echo Therapeutics, MediWise, Integrity Applications, Medella Health and Verily.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.